This is either the "Rings Around" set or the "Run Rings Around You" set.
Either way, it's a sold-seperately Sonic blanket/ comforter & twin bed size sheet set with a CG modern theme. The sheet set has fitted sheet, top sheet & pillow case. The blanket is reversable.

The blanket main side has a CG Green Hill type scene with running forward Sonic, flying forward Tails & gliding upward Knuckles. The flip side is gray, with 2 CG arts each for Sonic, Tails & Knuckles, plus 10 ring icon, and red-star-ring icon. It has some gray bar/ various short stripes and stars as well. This side is a tad busier.
The sheets set has a fitted gray sheet with stripes of white that have rows of character face/portraits. Each row has either Sonic, Tails or Knuckles, with rings between.

The pillow case has vertical stripes on gray/dark gray with Knuckles fist up, hand on hips Sonic & probably hand up Tails. The top sheet is all blue, with speed arrows, modern logos, the word 'speed', various size Sonic face stamps, and "gotta go fast" as the slogan. You can also spot a star ring shape and an emerald shape. The sheet is somewhat busy.
It is the gray that ties the set together, as well as the use of almost all CG for the characters. This isn't a bad set at all. There's plenty of design work going on, and each character gets enough space.

This is a Target 2021 item, but it may be online only. Also keep in mind the size of the bed too. The blanket should be about 35 dollars while the sheet set may be 22 or so.